What exactly is bitcoin?

What exactly is bitcoin? Bitcoin (BTC) is a type of alternative currency, or maybe more specifically, a decentralized virtual cryptocurrency, that has been devised in 2009. Bitcoins aren't backed by any hard assets or controlled by any financial ability, and as such are an incredibly explosive advantage, with enormous changes in BTC value of happening over a very short period of time capable. They are created and released on a deflationary program to "miners" who are accountable for handling the servers and digital paper trails associated with each bitcoin transaction to keep up the integrity of the electronic currency. Because of this, the smallest unit of section the satoshi, of the bitcoin, is equal to 1x10-8 BTC, which currently is a basically trivial worth, but might be beneficial if the value of bitcoins increases anticipated.